CVC LIMITED — AGM Information 2025

Nov 11, 2025

Annual General Meeting Presentation

Year Ended 30 June 2025

==> picture [960 x 38] intentionally omitted <==

----- Start of picture text -----

12 November 2025
----- End of picture text -----

==> picture [960 x 503] intentionally omitted <==

----- Start of picture text -----

Agenda
Chairman’s Formal Business CEO’s
Questions
Introduction of the Meeting Presentation
----- End of picture text -----

2

CVC | Annual General Meeting Presentation

==> picture [960 x 115] intentionally omitted <==

Chairman’s Introduction

3

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Our value proposition

CVC is a differentiated real estate investment platform that provides exposure to institutional-scale, land-based investments with the potential to generate capital growth

The investment model

==> picture [689 x 253] intentionally omitted <==

----- Start of picture text -----

Secure Add value Monetise
Identify and Utilise proprietary Crystalise profit and
structure high capability to release capital via
conviction land navigate complex the development
investments with planning processes and / or disposal of
embedded upside and deliver strategic de-risked
potential developable land landholdings
parcels
----- End of picture text -----

CVC has a proven track record of generating attractive risk adjusted returns underpinned by the security of freehold land

==> picture [960 x 9] intentionally omitted <==

4

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

FY2025 financial summary

Financial Results – 30 June 2025

Net Profit After Tax to Shareholders $0.5m

• No ability to account for market value increases which have occurred across most of the portfolio

• Given portfolio composition, accounting standards and business strategy, annual profits are not smooth

Assessed Market Value Per Share Growth $0.33

• Accounts for the change in the market assessed value of major property related assets ($2.95 FY25 v $2.62 FY24)

• Reflects valuation on an ‘as is’ basis without allowance for upside resulting from CVC’s strategic objectives

==> picture [960 x 9] intentionally omitted <==

5

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

FY2025 was a milestone year, positioned for growth

1 July 2024 – 30 June 2025

Tactical entry to the data centre land market via the unlock of a rare, multi-site urban precinct in a power-rich location

Material planning outcomes have also been achieved for Marsden Park, Officer South and Liverpool in FY2025

Entered

Entry to the data centre land market with the unlock of a 250MW+ urban precinct

• Rare, de-risked urban data centre land play

• • Highly strategic power-rich location

Completed

Two new institutional scale industrial investments secured on compelling terms

• Two new institutional scale industrial • Truganina and Laverton: adds to short and medium term investments secured on compelling terms industrial pipeline in Melbourne's western growth corridor • Potential for substantial data centre opportunity over time Confirmed • Marsden Park North designated as a State Assessed Rezoning

• Key industrial planning pathways and • Truganina land Precinct Structure Plan process commenced rezoning outcomes successfully achieved • Officer South successfully rezoned to allow industrial development

Executed

Development Management Agreement Norwell Valley, QLD

• Nationally significant greenfield project

• • Over 4 years of effort to amalgamate over 60 landowners

Achieved

Public Exhibition of Liverpool Project

• Significant milestone

• • Designated as a State Assessed Rezoning

==> picture [960 x 9] intentionally omitted <==

6

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Events Subsequent

Post Period Update

Continued positive planning momentum

New strategic land addition

Capital management initiatives to optimise balance sheet

Commencement of Planning Process for Truganina

Formal Council Support for Norwell Valley Project

New Investment into land in Officer South, VIC

Achieved

• Precinct structure plan underway, major milestone

• Pathway to rezoning now in place

Confirmed

• Council has formally resolved to progress the project in collaboration with Queensland Government

Completed

• Executed contract to add further property to land amalgamation. Settlement 2029.

Executed

Reworked debt facilities on several projects

• Unlocked project equity and extended debt maturities on Marsden Park, South Morang and Burleigh Waters projects.

==> picture [960 x 9] intentionally omitted <==

7

CVC | Annual General Meeting Presentation

==> picture [960 x 115] intentionally omitted <==

Formal Business of Meeting

8

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Proxy Votes

Resolution 1 – Adoption of Remuneration Report

For	Against	Abstain	Discretion	Excluded	Total
1,110,691 54.37%	53,368 2.61%	N/A	878,858 43.02%	N/A	2,042,917

Resolution 2 – Election of Mr John Leaver as a Director of the Company

For	Against	Abstain	Discretion	Excluded	Total
1,157,779 56.72%	11,529 0.57%	N/A	871,929 42.71%	N/A	2,041,237

Resolution 3 – Approval of on-market buyback

For	Against	Abstain	Discretion	Excluded	Total
1,165,023 57.03%	5,965 0.29%	N/A	871,929 42.68%	N/A	2,042,917

==> picture [960 x 9] intentionally omitted <==

9

CVC | Annual General Meeting Presentation

==> picture [960 x 115] intentionally omitted <==

CEO Presentation

10

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

High conviction value creation pathway

CVC is actively executing in-progress property strategies with the objective to deliver significant capital growth

==> picture [458 x 19] intentionally omitted <==

----- Start of picture text -----

Net tangible assets per share bridge ($ per share) 3
----- End of picture text -----

==> picture [471 x 219] intentionally omitted <==

----- Start of picture text -----

2
Targeting full $2.76
unlock within
1 ~5-7 years
$2.99
$5.75
‘As-is’ Target uplift from ‘Target’
market value strategic objectives market value
----- End of picture text -----

==> picture [119 x 16] intentionally omitted <==

----- Start of picture text -----

1 ‘As-is’ market NTA
----- End of picture text -----

Represents audited, statutory NTA per share as at 30 June 2025 of $1.49 (real estate carried at historical cost), adjusted to reflect major property projects being reset to market value[1] , net of estimated tax, transaction cost, costs to complete and preferential equity returns (where applicable).

==> picture [178 x 16] intentionally omitted <==

----- Start of picture text -----

2 ‘Target’ planning market NTA
----- End of picture text -----

Represents estimated ‘as-is’ planning market NTA, adjusted to reflect major projects being reset to estimated future market value[2] , net of estimated tax, transaction costs, costs to complete and preferential equity returns (where applicable).

==> picture [99 x 15] intentionally omitted <==

----- Start of picture text -----

3 Norwell Valley
----- End of picture text -----

Norwell Valley is a capital light DMA project with potential to support 40,000 dwellings and ~250+ ha of developable industrial and commercial land. CVC and its JV partners are entitled to 90% of project revenues.

Major projects provide flexibility to pursue a range of monetisation strategies once strategic objectives are complete

Notes:

1. Reflects the land value of major projects based on ‘as-is’ planning. Based on independent valuation reports with the exception of Truganina (HR) (qualified agent’s assessment) and Laverton North (purchase price). Excludes the potential value of Norwell Valley

2. Reflects the potential future land value of major projects based on CVC’s target planning objectives. Based on independent valuation reports, qualified agent’s assessments or internal feasibility analysis. Excludes the potential value of Norwell Valley

==> picture [960 x 9] intentionally omitted <==

11

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Current pipeline

CVC has assembled significant landbanks deliberately positioned around high-conviction themes

==> picture [869 x 230] intentionally omitted <==

----- Start of picture text -----

Landbank [1]
12 443 ha $1.3bn $2.1bn ~2,600 ha
major projects site area current land value [2] target land value [3] DMA site area
Potential to deliver [1]
6 1.2m s m ~7 400 ~40 000
q , ,
potential data center industrial GFA apartments DMA residential lots
projects
----- End of picture text -----

Irreplaceable property portfolio with in-progress value-add strategies currently being executed

Notes:

1. All metrics shown on this page and throughout this presentation are presented on a 100% ownership basis (unless stated otherwise). CVC’s ownership of its major projects ranges from 70.0% to 30.0%.

2. Reflects the current land value of major projects based on ‘as-is’ planning. Based on independent valuation reports with the exception of Truganina (HR) (qualified agent’s assessment) and Laverton North (purchase price). Excludes Norwell Valley.

3. Reflects the potential future land value of major projects based on CVC’s target planning objectives. Based on independent valuation reports, qualified agent’s assessments or internal feasibility analysis. Excludes Norwell Valley.

==> picture [960 x 9] intentionally omitted <==

12

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Strategic locations, growth sectors

Eastern Seaboard portfolio strategically located in priority growth corridors and exposed to sectors with strong long-term fundamentals

==> picture [868 x 310] intentionally omitted <==

----- Start of picture text -----

Logistics and digital infrastructure Residential and mixed use
1 Marsden Park North 2 Donnybrook 3 South Morang (MR) [1] 4 South Morang (WR) [2] 9 Liverpool 10 Woolloongabba
5 Laverton North 6 Officer South 7 Truganina (HR) [3] 8 Truganina (BR) [4] 11 Burleigh Waters 12 Norwell Valley
VIC NSW QLD
2
3
4 1 Brisbane
7 Melbourne 10
8
5
Sydney
9 12
6
10 kms 10 kms 10 kms 11
Landbank has the potential to support scaled digital infrastructure, logistics and residential development
----- End of picture text -----

Notes:

1. Refers to McDonalds Road, South Morang 2. Refers to Williamsons Road, South Morang 3. Refers to Hopkins Road, Truganina 4. Refers to Boundary Road, Truganina

==> picture [960 x 9] intentionally omitted <==

13

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Major Projects

Estimate of Asset Values

• The Board commissioned a process to gain a market assessment of property values of all major projects

• The exercise sought to establish current ‘as is’ and target future values of its major investments (excluding Norwell Valley)

CVC Project	Purchase Date	Settlement Date	Estimated Planning Date	Acquisition Price	Current Value*	Target Value^	CVC Ownership
Park Road, Marsden Park, NSW	2012	2013	2026	$9,000,000	$110,000,000	~$300,000,000+	66.00%
Donnybrook Road, Donnybrook, VIC	2014	2014	Approved	$12,675,000	$150,000,000	~$160,000,000+	49.00%
Heathcote Road, Liverpool, NSW	2016	2027	2026	$165,000,000	$300,000,000	~$500,000,000+	66.67%
Logan Road, Woolloongabba, QLD	2016	2016	2025	$19,150,000	$45,000,000	~$50,000,000+	52.50%
Lake Orr Drive, Burleigh Waters, QLD	2021	2023	2026	$40,739,000	$97,815,000	~$120,000,000+	60.00%
Hopkins Road, Truganina, VIC	2023	2028	2027	$201,000,000	$256,000,000	~$360,000,000+	56.35%
Lecky Road, Officer South, VIC	2023	2028	Approved	$53,000,000	$73,500,000	~$86,500,000+	70.00%
Boundary Road, Truganina, VIC	2024	2026	2029	$49,275,000	$60,500,000	~$135,000,000+	56.35%
Leakes Road, Laverton North, VIC	2024	2026	Approved	$129,650,000	$129,650,000	~$200,000,000+	70.00%
South Morang Projects, VIC	2023/2025	2025	2025	$40,357,000	$61,500,000	~$215,000,000+	40%/30%
				$719,846,000	$1,283,965,000	~$2,126,500,000+
Implied CVC NTA					$2.99	~$5.75+

Notes

The above table reflects only the impact on NTA of these projects reaching the value estimates provided (inclusive of project costs) and CVC's proportional equity ownership in each project.

* All values supported by independent valuation reports except for Truganina (HR) (qualified agent’s assessment) and Laverton North (purchase price) ^ Target values reflect management estimates of the value of properties following the completion of planning/repositioning processes. They have been formed utilising either valuations, agent assessments or internal feasibility analysis This slide contains certain forward-looking statements regarding the potential future value of CVC’s projects. Such statements are based upon management estimates (utilising either valuations, agents assessments or internal feasibility analysis) however there are uncertainties inherent in such values. Investors are cautioned that forward‐looking statements are not predictions or guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. Refer to the ‘Disclaimer’ slide for further details.

==> picture [960 x 9] intentionally omitted <==

14

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Outlook – Strategy and Focus

Investment Activity

• Substantial workload and opportunity associated with current investment portfolio

Key Strategic Priorities FY 2026

• New acquisitions are not high priority

• Marsden Park Industrial Rezoning

Forecast Performance

• Performance in accounts will be a result of divestment of assets

• Management focused on monetisation of assets

• Continued confidence that portfolio will increase in value as planning processes conclude on several properties

Capital Management

• Add further value to Laverton North via leasing strategy and achieving approvals

• Liverpool Mixed Use Rezoning

• South Morang (Williamson’s Road) Data Centre DA approval

• Woolloongabba DA approval

• Further reinforcement of balance sheet strength is of high priority

• Burleigh Waters DA approval

• Subject to liquidity outcomes, Board is open to considering dividend payments, however these will be tied to capital flows related to project outcomes

• Truganina planning advancement

• Norwell Valley planning advancement

==> picture [960 x 9] intentionally omitted <==

15

CVC | Annual General Meeting Presentation

==> picture [960 x 503] intentionally omitted <==

----- Start of picture text -----

Questions
----- End of picture text -----

16

CVC | Annual General Meeting Presentation

==> picture [87 x 6] intentionally omitted <==

Disclaimer

IMPORTANT NOTICE

FUTURE PERFORMANCE

This Presentation (as amended) (Presentation) has been prepared and issued by CVC Limited ACN 002 700 361 (CVC).

This Presentation must not be copied or distributed to other persons without the prior written consent of CVC, which may be given or withheld in its absolute discretion.

This document is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus.

This Presentation contains forward looking statements. Forward-looking statements can generally be identified by use of words such as “may”, “should”, “could”, “foresee”, “plan”, “aim”, “will”, “expect”, “intend”, “project”, “estimate”, “anticipate”, “believe”, “forecast”, "target", "outlook", "guidance" or “continue” or similar expressions. Forward looking statements in this Presentation include statements about CVC’s financial condition and performance, results and operations, business plans and objectives or management, capital adequacy, risk management practices and specific or general provisions, including statements on slide 13 regarding the potential value of CVC’s projects.

SUMMARY INFORMATION

The information contained in this Presentation is of a general nature and in summary form. Neither CVC (nor any of its respective officers, employees, related bodies corporate, affiliates, agents or advisers) guarantees or makes any representation or warranty, express or implied, as to, or takes responsibility for, the accuracy, or reliability of the information contained in this document. CVC does not represent or warrant that this document is complete or that it contains all material information about CVC or which a prospective investor or purchaser may require in evaluating a possible investment in CVC or acquisition of CVC shares.

It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision or that would be required in a prospectus prepared in accordance with the Corporations Act.

Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and information in this Presentation remains subject to change without notice.

NOT AN OFFER

This Presentation is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law and does not constitute an invitation to subscribe for or buy any shares in CVC, including in any jurisdiction in which it would be unlawful, or a solicitation to engage in or refrain from engaging in any transaction.

Such statements represent CVC’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social risks, contingencies and uncertainties.

These forward‐looking statements are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of CVC and its related bodies corporate and affiliates (and each of their respective directors, securityholders, officers, employees, partners, agents, advisers and management), and could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or any projections and assumptions on which those statements are based.

Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. CVC disclaims any intent or obligation to update any forward‐looking statements, whether as a result of new information, future events or results or otherwise. All forward‐looking statements made in this Presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not predictions or guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.

NOT INVESTMENT ADVICE OR A RECOMMENDATION

DISCLAIMER

This Presentation does not constitute investment or financial product advice, nor is it a recommendation to acquire shares in CVC. It is not intended to be used as the basis for making a financial decision, nor is it intended to constitute legal, tax, accounting or other advice. In particular, this Presentation is not intended to be relied upon as advice to any person and does not take into account the financial situation, objectives or needs of any person. This Presentation may not be relied on to make an investment or other financial decision, and you should make your own assessment and take independent professional advice in relation to the information, before making any investment decision in relation to CVC.

No party other than CVC has authorised or caused the issue, lodgement, submission, dispatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this Presentation. Any information or representations not contained in this Presentation may not be relied upon as having been authorised by CVC.

Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) any indication of future performance.

FINANCIAL AMOUNTS

All dollar values are in Australian Dollars (A$) and financial data is presented as at the date of this presentation unless stated otherwise. CVC’s results are reported under Australian International Financial Reporting Standards, or AIFRS.

To the maximum extent permitted by law, CVC, officers, employees, agents and advisers disclaim all liability for any expenses, losses, damages or costs incurred by you as a result of this presentation being inaccurate or due to information being omitted from this Presentation, whether by way of negligence or otherwise, make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation.

The information in this Presentation remains subject to change without notice.

==> picture [960 x 9] intentionally omitted <==

17

CVC | Annual General Meeting Presentation